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41% of European banks missed latest psd2 deadline, according to analysis from Tink
New analysis from European open banking platform Tink has found that a significant minority (41%) of European banks did not comply with last Thursday’s PSD2 deadline requiring all banks to provide a testing environment – or “sandbox” – for third-party service providers (TPPs).
While the majority (59%) of European banks did open up their sandboxes in time, Tink’s analysis of 442 European banks across 10 markets found that there were some banks who did not make the deadline.
The rationale behind last Thursday’s milestone is to give third-party service providers (TPPs) a chance to test the APIs that banks expect them to use once the major 14 September deadline arrives.
According to Tomas Prochazka, VP of Product at Tink:
“What the results of this race to meet the interim PSD2 deadline show is that despite deep pockets and plenty of resources, the demands that PSD2 places on banks are monumental. Many will point fingers at those who failed to comply. But we need to recognise that banks of all sizes are struggling to deal with short timelines to satisfy a wide range of needs – their own need to be in control of the data; the TPPs need to have access; and the politicians’ need to have a fair market environment within the timeline they’ve laid out.
“For TPPs and open banking platform providers like Tink, the missed deadline also potentially means disruptions to our businesses and customers. After all, we’re all required to use the bank’s dedicated interface by the 14th September deadline. And if we can’t get in there and start testing them, it forces us to continue to rely on the fall-back mechanisms that we’ve always used – rather than the open APIs the banks would prefer we use.
“Everyone involved in open banking is heavily invested in realising the future we all envision for the industry. But the knock-on effect of a missed deadline is big – for banks, fintechs and for consumers. The already arduous requirements will be compounded with additional ones designed to penalise. The costs will increase as the timeline stretches out. And it will hinder everyone’s ability to offer better services to consumers. There’s also a risk for missing the big deadline in September – and for this paradigm shift to take much longer and cost much more.”
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